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CHEX might sound like that cereal that you might normally put in snack mix during the holiday season. However, in this case, CHEX just refers to a new exchange for wholesale cannabis and hemp that is currently having a token sale. The CHEX token, which goes by the ticker symbol of CHX, can be used to buy and sell on industry exchange platforms that this system calls Pillars.
Sale of the CHX token has already begun and will end on October 24. CHX can be purchased with BTC and ETH. Supply of CHX is limited to 1 billion total tokens.
CHEX Already Has Early Adopters
CHEX aims to eliminate the common chicken-and-egg problem of attracting businesses that might not join a platform with no customers and customers who might not join if they don’t see legit cannabis and hemp sellers on the platform.
It already has two cannabis and hemp sellers on board: the California wholesale distributor Pacific Wholesale Network and the Colorado producer High Frequencies. CHEX plans to add more client platforms as demand increases.
If excess inventory exists, CHEX will be able to “push” it to regional platforms that are capable of meeting local regulatory standards. CHEX also aims to blend the best parts of centralized and decentralized platforms for more efficient distribution of products and greater ability to reach localized markets for the cannabis industry.
How Will The Funds Be Used?
This is a natural question to ask in an environment in which ICOs have tanked because they weren’t backed up by real assets. Much of the CHEX platform has already been developed, the CHX Token integration is already live, and the exchange and storefront platform has been in beta since Q2 2017. The funds will be used to finalize development, create mobile apps, ensure regulatory compliance, and launch CHEX Master Suite 1.0 by the end of 2018.
The Master Suite will include a complete, end-to-end platform for buying and selling cannabis and hemp at wholesale prices. Its base will be the CHX token layer, which will lubricate a fully featured commodity exchange.
Would there be any reason to hesitate to buy CHX?
Not if you’re willing to bet on cannabis and hemp products becoming legal in your region in the near future if it isn’t already. If this platform is successful, it will make the online wholesale market for cannabis and hemp more efficient.
Of course, it’s understandable that you might hesitate to invest if you’ve been burned by ICOs before. The Securities and Exchange Commission has had to step in to provide a framework for keeping people from getting burned.
For this reason, CHEX has sidestepped from selling CHX as a security to selling it as a way to lubricate the system and enable early buyers to purchase cannabis and hemp when CHEX launches its platform.
So if I was a legal expert, I’d probably make myself issue a legal disclaimer that this is not meant to be investment advice and, if anything, diversifying your investment portfolio with potential up-and-coming industries is a good thing if caution is used. But the idea of a wholesale exchange for marijuana and hemp does look cool.
I visited their website and…
Yeah, some of their terminology had me baffled too. Were they going to work with local exchanges, create new platforms for each market, or both? Part of what I took away from it was that they intended to add new resources as existing resources became occupied with users coming on board.
So it may help if they explain some of their terminology in language that most people can understand even if they aren’t very familiar with how wholesale exchanges that are based on cryptocurrency and blockchain technology could theoretically work. (I wish startups wouldn’t try to invent new terms for what they want to accomplish. A platform is a platform, and doesn’t need to be called a Pillar.)
It’s a sound idea that might attract both members of the cannabis and hemp industry and members of the cryptocurrency and blockchain community who might be willing to take a chance on a new platform. Cannabis and cryptocurrency could be natural partners if someone is willing to straddle both in a meaningful way.
In fact, Potcoin could reasonably be considered an early attempt at this, as it branded itself as a cryptocurrency that could be used as a medium of exchange for the marijuana industry. CHEX could be part of the solution if they’re legit and they succeed in finalizing development of the system and onboarding more partners who are willing to buy and sell using its platform.
Thanks for reading!
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